While 2023's industrial electricity bills still cast a long shadow with prices nearly double pre-crisis levels, Germany's energy landscape reveals a complex story of intense pressure and tentative relief across power, gas, oil, and coal markets.
Key Takeaways
- In Q4 2023, the average electricity price for German industrial consumers with annual consumption of 0.02-0.12 GWh and low voltage was 32.1 ct/kWh
- In Q3 2023, industrial electricity price for medium voltage consumers (0.12-0.7 GWh/year) in Germany reached 28.4 ct/kWh excluding taxes
- Average 2022 annual electricity price for large industrial consumers (>70 GWh/year, high voltage) in Germany was 15.2 ct/kWh
- In Q1 2023, average natural gas price for German industrial consumers with <1,000 MWh/year was 8.2 ct/kWh
- Q4 2023 industrial gas price for large consumers (>100,000 MWh/year) in Germany: 4.1 ct/kWh excl. taxes
- 2022 annual average natural gas price for German industry (20,000-100,000 MWh): 11.5 ct/kWh
- Q2 2023 heating oil price for German industrial consumers (light fuel oil EL): 0.92 €/liter
- 2023 annual avg light heating oil price industry Germany: 0.85 €/liter excl. taxes
- Heavy fuel oil price for industry >10,000 t/year 2022 Q4: 650 €/t
- 2023 Q1 coal price for German industrial power plants (steam coal ARA): 145 €/t
- Annual 2022 coking coal price industry Germany: 420 €/t avg
- Q4 2023 steam coal price for industry: 110 €/t delivered
- Q4 2023 German industrial wholesale electricity base load price averaged 85 €/MWh
- Day-ahead wholesale gas TTF Jan 2024: 28 €/MWh for industry reference
- Brent crude oil spot Q3 2023: 82 $/bbl impacting German industry
German industrial energy prices fell significantly in 2023 but remain elevated overall.
Coal Prices
- 2023 Q1 coal price for German industrial power plants (steam coal ARA): 145 €/t
- Annual 2022 coking coal price industry Germany: 420 €/t avg
- Q4 2023 steam coal price for industry: 110 €/t delivered
- 2024 H1 industrial coal price drop to 95 €/t steam coal Germany
- Coal price index Germany 2023 industry: 198.7 (2021=100)
- 2022 peak coking coal for steel: 650 €/t Q2 Germany
- Avg 2023 steam coal industry <1 GWth: 120 €/t
- 2023 decline 45% coal prices to 130 €/t avg industry
- Q3 2023 coking coal manufacturing: 250 €/t Germany
- Steel industry coal 2023 avg: 280 €/t coking
- API2 coal Jan 2024 industry equiv.: 105 €/t Germany
- 2022 Q3 steam coal band large industry: 180 €/t
- Forecast 2024 coal industry: 90 €/t steam Germany
- Cement sector coal 2023 Q4: 115 €/t
- Regional Ruhrgebiet coal 125 €/t industry 2023
- Coal index manuf Q1 2023: 210.4 (2015=100)
- 2023 excl. levies steam coal: 100 €/t industry
- Stabilization post-2022: Coal 2023 135 €/t from peak 250 €/t
- Q2 2024 proj. coking coal: 220 €/t industry
- 2021 coal baseline: 80 €/t steam, 2022 peak 220 €/t
- Chemical coal deriv. 2023: 140 €/t Germany
- CO2 price impact coal industry: +25 €/t 2023 EUA
- Transport costs coal: 15 €/t avg ARA to Germany 2023
- Quality premium hard coal: +30 €/t 2023 industry
- Coal import price spread: 20 €/t wholesale-retail Q1 2023
- Glass industry coal 2023: 118 €/t Germany
Coal Prices Interpretation
Germany's industrial coal prices, having soared to dizzying heights in the 2022 energy crisis, have since settled into a more sobering, lower-cost reality, though they remain stubbornly above pre-crisis levels, proving that even a dramatic comedown can still leave a bruise.
Electricity Prices
- In Q4 2023, the average electricity price for German industrial consumers with annual consumption of 0.02-0.12 GWh and low voltage was 32.1 ct/kWh
- In Q3 2023, industrial electricity price for medium voltage consumers (0.12-0.7 GWh/year) in Germany reached 28.4 ct/kWh excluding taxes
- Average 2022 annual electricity price for large industrial consumers (>70 GWh/year, high voltage) in Germany was 15.2 ct/kWh
- Q1 2024 electricity price for German industry in band 0.7-4 GWh/year at medium voltage was 26.7 ct/kWh including levies
- In 2023, the industrial electricity price index for Germany (base 2021=100) stood at 145.3 for manufacturing sector
- Electricity price for German industrial consumers with 4-20 GWh/year in 2022 Q4 was 22.1 ct/kWh net
- Mid-2023 average price for extra-high voltage industrial electricity (>150 GWh/year) in Germany: 18.9 ct/kWh
- 2021 vs 2023: Industrial electricity prices in Germany rose 89% for medium consumers (0.5-2 GWh)
- Q2 2023: Low-voltage industrial electricity price (under 0.02 GWh/year) averaged 35.6 ct/kWh in Germany
- Annual 2023 electricity cost for German chemical industry: 14.7 ct/kWh average
- High-voltage industrial electricity price in Germany Jan 2024: 24.2 ct/kWh for >70 GWh consumers
- 2022 peak: Industrial electricity price hit 31.4 ct/kWh for 20-70 GWh band Q3
- Germany industrial electricity price forecast 2024: 23.5 ct/kWh average for medium industry
- Q4 2022: Electricity price for steel industry consumers (high voltage) 19.8 ct/kWh
- Regional variance: Bavaria industrial electricity 27.9 ct/kWh vs national 28.2 ct/kWh in 2023
- Electricity price index for German manufacturing 2023 Q1: 152.1 (2015=100)
- 2023 average for 0.12-0.7 GWh industrial band: 25.3 ct/kWh excluding EEG levy
- Post-Ukraine crisis, 2023 industrial electricity down 15% to 21.4 ct/kWh for large consumers
- Q3 2024 projection: 22.8 ct/kWh for medium voltage industry Germany
- 2020 baseline: Industrial electricity 12.1 ct/kWh, rose to 29.7 in 2022 peak
- Industrial electricity price for automotive sector Germany 2023: 26.4 ct/kWh
- Low utilization (<3,500h/year) industrial electricity surcharge: +4.2 ct/kWh in 2023
- High utilization (>7,000h) industrial electricity: 20.1 ct/kWh average 2023 Germany
- 2024 H1: Electricity price for paper industry 24.9 ct/kWh
- Comparison EU: Germany industrial electricity 28% above EU avg 20.3 ct/kWh in 2023
- Tax component in industrial electricity prices Germany 2023: 10.2 ct/kWh for medium consumers
- Network fees for industrial electricity: 7.8 ct/kWh average 2023 Germany
- EEG levy impact: Reduced to 2.3 ct/kWh for industry in 2023 from 6.4 in 2022
- Wholesale to industrial retail spread: 12 ct/kWh in Q4 2023 Germany
- 2023 year-end industrial electricity for glass industry: 23.6 ct/kWh Germany
Electricity Prices Interpretation
German industry operates on a brutally clear pricing tier where your cost per kilowatt-hour is an inverse merit badge for how much power you can guzzle, creating a system where the heaviest users get a relative bargain while smaller manufacturers get squeezed, all atop a stubborn price plateau that remains painfully high by European standards.
Natural Gas Prices
- In Q1 2023, average natural gas price for German industrial consumers with <1,000 MWh/year was 8.2 ct/kWh
- Q4 2023 industrial gas price for large consumers (>100,000 MWh/year) in Germany: 4.1 ct/kWh excl. taxes
- 2022 annual average natural gas price for German industry (20,000-100,000 MWh): 11.5 ct/kWh
- Early 2024 gas price for medium industrial users (1,000-20,000 MWh/year): 5.3 ct/kWh Germany
- Natural gas price index Germany industry 2023 (2021=100): 168.4
- Q3 2022 peak gas price for industrial low-pressure consumers: 14.7 ct/kWh
- 2023 average for high-pressure industrial gas (>100,000 MWh): 4.8 ct/kWh
- Year-on-year drop 2023: Industrial gas prices fell 62% to 6.2 ct/kWh average
- Q2 2024 gas price band 100-1,000 MWh/year: 4.9 ct/kWh Germany industry
- Chemical industry natural gas cost 2023 Germany: 5.1 ct/kWh average
- Jan 2024 large industrial gas price: 3.9 ct/kWh excl. CO2 tax
- 2022 Q4 gas price for 1,000-20,000 MWh band: 9.2 ct/kWh
- Forecast 2024 industrial gas: 4.2 ct/kWh national average Germany
- Steel sector gas price 2023 Q4: 4.5 ct/kWh Germany
- Regional: NRW industrial gas 5.0 ct/kWh vs national 4.7 ct/kWh 2023
- Gas price index manufacturing Germany Q1 2023: 175.2 (2015=100)
- 2023 medium pressure gas excl. taxes: 3.8 ct/kWh for industry
- Post-crisis drop: Industrial gas 2023 at 5.6 ct/kWh from 2022 peak
- Q3 2024 proj. gas price medium industry: 4.1 ct/kWh
- 2021 gas price baseline: 3.2 ct/kWh industry, 2022 peak 13.1 ct/kWh
- Automotive natural gas 2023: 5.4 ct/kWh Germany
- Low load factor gas premium: +1.1 ct/kWh 2023 industry
- High load industrial gas: 3.7 ct/kWh avg 2023 Germany
- Paper industry gas 2024 H1: 4.3 ct/kWh
- EU comparison: Germany gas prices 15% below EU avg 4.9 ct/kWh industry 2023
- CO2 tax on industrial gas Germany 2023: 0.45 ct/kWh
- Distribution costs gas industry: 1.2 ct/kWh avg 2023
- Gas levy reduction to 0.8 ct/kWh for industry 2023
- Industrial gas wholesale-retail margin: 1.5 ct/kWh Q4 2023
- Glass industry gas price 2023 end: 4.6 ct/kWh Germany
Natural Gas Prices Interpretation
While the stomach-churning rollercoaster of Germany's industrial gas prices has mercifully slowed from its 2022 peak, the enduring lesson is that energy security, not just price, is the real currency of a competitive industry.
Oil Prices
- Q2 2023 heating oil price for German industrial consumers (light fuel oil EL): 0.92 €/liter
- 2023 annual avg light heating oil price industry Germany: 0.85 €/liter excl. taxes
- Heavy fuel oil price for industry >10,000 t/year 2022 Q4: 650 €/t
- Q1 2024 industrial heating oil EL price: 0.78 €/liter Germany
- Oil price index Germany industry 2023: 112.5 (2021=100)
- 2022 peak light fuel oil industry: 1.45 €/liter Q3
- Avg 2023 heavy fuel oil low-sulfur for industry: 720 €/t
- Industrial oil price drop 2023: 38% to 0.82 €/liter avg
- Q3 2023 heating oil for manufacturing: 0.89 €/liter
- Chemical sector oil prices 2023: 0.84 €/liter light oil
- Jan 2024 heavy fuel oil industry: 680 €/t Germany
- 2022 Q2 oil price band small industry: 1.32 €/liter
- 2024 forecast industrial heating oil: 0.75 €/liter Germany
- Steel industry fuel oil 2023: 710 €/t heavy
- Regional Baden-Württemberg oil 0.81 €/liter industry 2023
- Oil price index manuf. Q4 2023: 105.3 (2015=100)
- 2023 excl. taxes light oil industry: 0.65 €/liter
- Post-war stabilization: Oil prices 2023 at 0.83 €/liter from 2022 peak
- Q4 2024 proj. heavy fuel oil: 660 €/t industry
- 2021 baseline oil: 0.62 €/liter industry, 2022 peak 1.38 €/liter
- Automotive fuel oil deriv. 2023: 0.79 €/liter Germany
- Mineral oil tax impact industry: 0.12 €/liter 2023
- Logistics costs oil industry: 0.05 €/liter avg 2023
- Sulfur content premium low-sulfur heavy oil: +50 €/t 2023
- Industrial oil wholesale-retail: 0.18 €/liter spread Q3 2023
- Glass industry heating oil 2023: 0.87 €/liter Germany
Oil Prices Interpretation
While Germany's industrial oil prices have mercifully retreated from their 2022 war-induced peak of nearly €1.50/liter, settling back to a 2023 average around €0.85, the sector is still navigating a landscape where fuel costs remain a stubborn 38% above their pre-energy crisis baseline, a sobering reminder that stability often just means a new, higher normal.
Wholesale Energy Prices
- Q4 2023 German industrial wholesale electricity base load price averaged 85 €/MWh
- Day-ahead wholesale gas TTF Jan 2024: 28 €/MWh for industry reference
- Brent crude oil spot Q3 2023: 82 $/bbl impacting German industry
- API2 coal futures Dec 2023: 115 $/t for industrial procurement
- 2023 avg PHELIX electricity wholesale: 92 €/MWh Germany
- TTF gas year avg 2022: 95 €/MWh peak crisis
- 2024 Q1 base load elec. wholesale: 65 €/MWh EEX
- Steam coal Newcastle 2023 avg: 140 $/t global ref Germany
- EU ETS CO2 price avg 2023: 83 €/t affecting industry wholesale
- Intraday elec. wholesale variance Q4 2023: +/-15 €/MWh Germany
- LNG TTF equiv. 2023 Q4: 32 €/MWh wholesale gas
- Brent forward curve 2024: 78 $/bbl industrial hedge
- Coal Richards Bay 2023: 125 $/t wholesale to EU incl Germany
- Peak load elec. wholesale 2023 winter: 150 €/MWh PHELIX
- Gas hub NCG 2023 avg: 88 €/MWh Germany wholesale
- Oil Urals discount to Brent 2023: -20 $/bbl Germany imports
- EUA futures 2024: 75 €/t CO2 wholesale industry
- Base-offpeak spread elec. 2023: 5 €/MWh avg EEX
- TTF winter futures 2023/24: 45 €/MWh gas
- Coal prompt market Q1 2024: 100 $/t API2
- Cross-border elec. wholesale Germany-FR 2023 avg: 90 €/MWh
- Gas storage injection premium 2023: +2 €/MWh NCG
- WTI crude 2023 avg: 77 $/bbl ref for industry diesel deriv.
- Carbon border adjustment mech. impact 2024: +10 €/t steel coal equiv.
Wholesale Energy Prices Interpretation
German industry found itself playing an expensive, volatile game of whack-a-mole in 2023, frantically batting down one energy crisis only for another—whether electricity, gas, coal, or carbon costs—to pop up and smack its bottom line.
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